'Fractional' NFT platform raises $7.9 million in seed funding
The Fractional Token Company, also known as Fractional.art or Fractional, has raised $7.9 million in total seed funding.
The company closed $6.3 million in funding on August 5th. Robot Ventures provided $500,000 earlier this year, Fractional co-founder Andy Chorlian told The Block, and also contributed to this most recent round. Additional funders include Divergence Ventures, Flamingo DAO, Variant Fund, and Delphi Ventures.
At the center of the project is a concept known as fractional non-fungible tokens. Essentially, it results in the division of NFTs into digital pieces, which can then be distributed or sold as constituent parts of a "whole" NFT. The NFT fractions themselves are fungible ERC-20 tokens that can be transacted or traded on decentralized exchanges or marketplaces, for example.
Fractional intends to use the funds to expand its team, particularly in the smart contract and front-end development spaces, Fractional COO Shant Marootian told The Block. The startup also intends on expanding its business development team and in-house counsel as well.
The startup currently has 200 curators and 2,500 NFT fraction owners. NFT fractions include that of CryptoPunks, Twin Flames, Meebits, XCOPY, and Bored Ape Yacht Club.Source